First time home buyer - Was 1099, Now W-2

First time home buyer - Was 1099, Now W-2

I'm looking to buy a new home in the next few months. I've been previously working as a 1099 employee for a company for over 2 years. I've now transitioned to a W-2 employee (72k/yr salary). Along with my wife's 36k/yr salary, what will I expect during the application process, especially regarding income?

Re: First time home buyer - Was 1099, Now W-2

I think w2 is perceived as more stable, but it would help if you have 2-3 months worth of w2 paystubs to show them.

My experience is anecdotal, others may have different thoughts (esp. mortgage brokers), but I've found that some underwriters have zero ability to look at a situation that is anything out of the ordinary, and that includes changes in type of income like 1099.

Re: First time home buyer - Was 1099, Now W-2

Shogun, been with the company for over 2.5 years and started W2 as of October. Iam assuming I will need a couple months of paystubs as proof. Will getting a letter from employer help the underwriting process to show stability?

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IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.